The Ahmedabad Bench of the NCLT on Wednesday reserved its order on a plea filed by the Ruias, the promoters of the distressed Essar Steel. The promoters had sought to claim their right to participate in the meetings of Essar Steel’s committee of creditors (CoC) and raise objections to the plan submitted by ArcelorMittal.
The counsel for the Ruias had cited the Supreme Court judgment on the Ruchi Soya case last month, and claimed the ruling would be made effective from the date of enactment of the Insolvency and Bankruptcy Code (IBC), since the apex court had not specified that it did not apply prospectively.
“The Supreme Court had stated that suspended board members of a company should be included in all deliberations of the CoC, including discussions on resolution plans. Read More